Wind energy is a form of renewable energy produced by using wind as an input in the process. In the process of generating wind energy, wind turbines convert kinetic energy of the wind into mechanical energy which is further converted into electricity via generator. Wind energy is a clean energy which can be broadly segmented into onshore and offshore. While onshore wind energy is an old and matured source of energy, offshore is an emerging segment. Similar to hydro energy, wind energy is also a cost effective source of energy with one-time cost of installing wind turbines.
Globally, wind energy is the most matured of all the renewable energy sources and it is growing dynamically. Asia Pacific is the major wind energy market, primarily dominated by China and India, followed by Europe and North America. Investment growth in the sector is majorly driven by government subsidies and wind power projects installation targets. In addition, wind energy market is also anticipated to flourish in future due to signing of the Paris Agreement between 186 countries to make the power sector free of greenhouse gas emissions by 2050. However, economic downturn and regulatory framework in some of the European countries are posing challenges for growth of wind power sector.
Wind energy turbine suppliers market is consolidated with 10 major companies controlling the three-fourth of the market share. Some of the players in offshore wind power market are Siemens, GE, Vestas, Goldwind, Senvion, Sinovel, Alstom, Areva, and Gamesa Technology, among others.
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